FedEx (FDX)
Market Price (4/11/2026): $373.56 | Market Cap: $87.8 BilSector: Industrials | Industry: Air Freight & Logistics
FedEx (FDX)
Market Price (4/11/2026): $373.56Market Cap: $87.8 BilSector: IndustrialsIndustry: Air Freight & Logistics
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% Stock buyback supportStock Buyback 3Y Total is 6.3 Bil Attractive cash flow generationCFO LTM is 8.2 Bil, FCF LTM is 4.3 Bil Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Automation & Robotics, Future of Freight, and E-commerce & DTC Adoption. Show more. | Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% Key risksFDX key risks include [1] execution challenges in its major strategic transformations, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% |
| Stock buyback supportStock Buyback 3Y Total is 6.3 Bil |
| Attractive cash flow generationCFO LTM is 8.2 Bil, FCF LTM is 4.3 Bil |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Automation & Robotics, Future of Freight, and E-commerce & DTC Adoption. Show more. |
| Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% |
| Key risksFDX key risks include [1] execution challenges in its major strategic transformations, Show more. |
Qualitative Assessment
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1. Strong Earnings Performance and Upgraded Fiscal Year 2026 Outlook. FedEx delivered robust financial results, notably with its Q3 FY26 adjusted earnings per share (EPS) of $5.25 significantly exceeding the forecasted $4.11 by $1.13. Quarterly revenue also surpassed expectations, reaching $24 billion, an 8.3% increase year-over-year. Following these results, FedEx raised its full-year fiscal 2026 adjusted EPS outlook to a range of $19.30-$20.10, up from the prior forecast of $17.80-$19.00, and increased its revenue guidance to $93.2 billion-$93.6 billion compared to the consensus of $92.8 billion.
2. Strategic Transformation and Cost Efficiencies. The company's ongoing "One FedEx" operating model and "DRIVE" process have been instrumental in driving efficiency gains and structural cost reductions, with the DRIVE initiative surpassing its initial $4 billion permanent savings target and setting a new goal of an additional $2 billion in savings by 2027. Furthermore, its "Network 2.0" initiative, which integrates air and ground operations, is approximately 25% complete as of March 2026 and is delivering measurable efficiency gains and improved asset utilization.
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Stock Movement Drivers
Fundamental Drivers
The 30.0% change in FDX stock from 12/31/2025 to 4/10/2026 was primarily driven by a 30.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 287.69 | 374.08 | 30.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90,093 | 90,093 | 0.0% |
| Net Income Margin (%) | 4.8% | 4.8% | 0.0% |
| P/E Multiple | 15.6 | 20.3 | 30.0% |
| Shares Outstanding (Mil) | 235 | 235 | 0.0% |
| Cumulative Contribution | 30.0% |
Market Drivers
12/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| FDX | 30.0% | |
| Market (SPY) | -5.4% | 36.5% |
| Sector (XLI) | 10.6% | 66.7% |
Fundamental Drivers
The 60.1% change in FDX stock from 9/30/2025 to 4/10/2026 was primarily driven by a 51.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 233.66 | 374.08 | 60.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88,591 | 90,093 | 1.7% |
| Net Income Margin (%) | 4.7% | 4.8% | 3.5% |
| P/E Multiple | 13.4 | 20.3 | 51.5% |
| Shares Outstanding (Mil) | 236 | 235 | 0.4% |
| Cumulative Contribution | 60.1% |
Market Drivers
9/30/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| FDX | 60.1% | |
| Market (SPY) | -2.9% | 40.1% |
| Sector (XLI) | 11.6% | 60.7% |
Fundamental Drivers
The 56.9% change in FDX stock from 3/31/2025 to 4/10/2026 was primarily driven by a 38.8% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 238.48 | 374.08 | 56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 87,815 | 90,093 | 2.6% |
| Net Income Margin (%) | 4.5% | 4.8% | 7.9% |
| P/E Multiple | 14.6 | 20.3 | 38.8% |
| Shares Outstanding (Mil) | 240 | 235 | 2.1% |
| Cumulative Contribution | 56.9% |
Market Drivers
3/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| FDX | 56.9% | |
| Market (SPY) | 16.3% | 62.7% |
| Sector (XLI) | 32.3% | 68.6% |
Fundamental Drivers
The 74.4% change in FDX stock from 3/31/2023 to 4/10/2026 was primarily driven by a 49.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 214.54 | 374.08 | 74.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 92,619 | 90,093 | -2.7% |
| Net Income Margin (%) | 3.2% | 4.8% | 49.0% |
| P/E Multiple | 18.0 | 20.3 | 12.6% |
| Shares Outstanding (Mil) | 251 | 235 | 6.8% |
| Cumulative Contribution | 74.4% |
Market Drivers
3/31/2023 to 4/10/2026| Return | Correlation | |
|---|---|---|
| FDX | 74.4% | |
| Market (SPY) | 63.3% | 46.6% |
| Sector (XLI) | 76.8% | 53.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FDX Return | 1% | -32% | 49% | 13% | 5% | 31% | 61% |
| Peers Return | 39% | -18% | 43% | 6% | 10% | 23% | 132% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| FDX Win Rate | 50% | 50% | 58% | 50% | 58% | 75% | |
| Peers Win Rate | 62% | 47% | 62% | 47% | 58% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FDX Max Drawdown | -15% | -44% | 0% | -7% | -29% | 0% | |
| Peers Max Drawdown | -6% | -29% | -10% | -17% | -26% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UPS, XPO, ODFL, JBHT, CHRW. See FDX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)
How Low Can It Go
| Event | FDX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -54.7% | -25.4% |
| % Gain to Breakeven | 120.8% | 34.1% |
| Time to Breakeven | 1,221 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.1% | -33.9% |
| % Gain to Breakeven | 82.2% | 51.3% |
| Time to Breakeven | 122 days | 148 days |
| 2018 Correction | ||
| % Loss | -49.6% | -19.8% |
| % Gain to Breakeven | 98.2% | 24.7% |
| Time to Breakeven | 372 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -71.7% | -56.8% |
| % Gain to Breakeven | 252.9% | 131.3% |
| Time to Breakeven | 1,682 days | 1,480 days |
Compare to UPS, XPO, ODFL, JBHT, CHRW
In The Past
FedEx's stock fell -54.7% during the 2022 Inflation Shock from a high on 5/27/2021. A -54.7% loss requires a 120.8% gain to breakeven.
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About FedEx (FDX)
AI Analysis | Feedback
1. Essentially, it's like UPS, a global leader in package and freight delivery and logistics services.
2. A global transportation and supply chain management giant, similar in scope and offerings to DHL.
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- Express Package Delivery: Provides rapid, time-sensitive delivery of small packages and documents globally.
- Ground Package Delivery: Offers reliable, day-certain delivery services for packages to businesses and residences.
- Freight Transportation: Delivers less-than-truckload (LTL) freight, as well as global ocean and air cargo forwarding services.
- E-commerce Solutions: Provides technology and transportation solutions to facilitate cross-border e-commerce.
- Supply Chain Management: Offers integrated solutions for managing complex supply chains, including specialty transportation and customs brokerage.
- Business Services: Provides an array of document and business services, along with retail access for package transportation needs.
AI Analysis | Feedback
FedEx (FDX) primarily serves other businesses (B2B) across a wide range of industries, although it also provides services directly to individual consumers.
Due to the diversified nature of its operations and its role as a global logistics provider, FedEx typically does not have a small number of individually named "major customers" that account for a significant portion of its revenue. Instead, its major customers can be categorized as various types of businesses that rely on its extensive network and services. These categories include:
- E-commerce Retailers and Marketplaces: Businesses of all sizes, from small online shops to large multinational corporations, that utilize FedEx for shipping products directly to consumers, managing returns, and facilitating cross-border e-commerce.
- Manufacturers and Distributors: Companies across diverse sectors such as automotive, electronics, industrial goods, and consumer products that require comprehensive logistics, freight, and supply chain management services to move raw materials, components, and finished goods globally.
- Healthcare and Life Sciences Companies: Organizations in pharmaceuticals, biotechnology, and medical devices that depend on FedEx's specialized services for the time-critical, temperature-controlled, and secure transportation of sensitive goods like vaccines, medical samples, and equipment.
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Raj Subramaniam, President and Chief Executive Officer
Raj Subramaniam joined FedEx in 1991 as an associate marketing analyst. Throughout his career at FedEx, he has held various management and marketing roles across Asia and the U.S., including regional president of FedEx Canada and Executive VP, marketing and communication. He previously served as President and Chief Operating Officer of FedEx Corporation and as President and CEO of FedEx Express. Subramaniam was appointed President and CEO of FedEx in June 2022, succeeding founder Frederick W. Smith. He is recognized for leading FedEx's global transformation, focusing on the company's operating strategy, e-commerce growth, and leveraging global supply chain data. He also serves on the board of directors of The Procter & Gamble Company.
John Dietrich, Executive Vice President and Chief Financial Officer
John Dietrich was appointed Executive Vice President and Chief Financial Officer of FedEx Corporation, effective August 1, 2023. He brings over 30 years of experience in the global aviation and air cargo industries. Before joining FedEx, Dietrich held numerous leadership positions at Atlas Air Worldwide, including President and Chief Executive Officer from 2020 to 2023, and Chief Operating Officer from 2006 to 2020. Atlas Air Worldwide was acquired by an investor group in 2023. Prior to Atlas Air Worldwide, he worked at United Airlines for 13 years. He also serves on the board of directors for AAR Corporation and First Horizon Corporation.
Brie Carere, Executive Vice President and Chief Customer Officer
Brie Carere joined FedEx in 2001 as a marketing specialist. Over her tenure, she has gained extensive experience across marketing, customer experience, and strategy, including roles such as Vice President of Marketing, Customer Experience, and Corporate Communications for FedEx Express Canada. She served as Chief Marketing and Communications Officer before being promoted to the company's first Chief Customer Officer. In her current role, Carere oversees FedEx's global commercial strategy, encompassing sales, marketing, product, e-commerce, digital, and customer experience. She also serves on the board of directors for ZipRecruiter.
Richard W. Smith, Chief Operating Officer - International, and Chief Executive Officer - Airline
Richard W. Smith serves as the Chief Operating Officer - International, and Chief Executive Officer - Airline for FedEx Corporation. He is the son of FedEx founder Frederick W. Smith and has held various leadership roles within the company.
Vishal Talwar, Executive Vice President and Chief Digital and Information Officer, President of FedEx Dataworks
Vishal Talwar is the Executive Vice President and Chief Digital and Information Officer for FedEx Corporation, and President of FedEx Dataworks. He was appointed to this role in August 2025.
AI Analysis | Feedback
The key risks to FedEx's business are:
-
Macroeconomic Headwinds and Weak Global Shipping Demand: FedEx is highly susceptible to broad macroeconomic conditions, which directly influence global trade and transportation demand. A persistent slowdown in the industrial economy and global shipping demand, particularly in B2B and priority services, leads to weaker package volumes, below-par freight rates, and overall revenue erosion. This sensitivity to macroeconomic trends and the cyclical nature of the transportation industry directly impacts the company's business levels, which are tied to the production and purchase of goods globally.
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Risks Associated with the Planned Spin-off of FedEx Freight: The strategic decision to spin off the FedEx Freight segment into a new publicly traded entity presents significant risks. While intended to unlock value and allow for a more focused strategy, the transaction carries execution risks, potentially incurring substantial business optimization costs. The separation could also lead to major challenges concerning customer solutions and network operations for the remaining FedEx Corporation, as it removes a significant part of the company's operational footprint and potentially disrupts historical synergies between segments.
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Fluctuating Fuel Prices and Escalating Operational Costs: As a global transportation company, FedEx's operations are heavily reliant on fuel, making it highly vulnerable to volatile fuel price fluctuations. Significant increases in jet fuel and other transportation costs can put substantial pressure on operating margins and overall profitability. While FedEx employs fuel surcharges and hedging to mitigate these costs, they remain a major, unpredictable expense. Additionally, other escalating operational costs, such as wages, further contribute to squeezing the company's margins.
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The expansion of Amazon Logistics into a comprehensive third-party package delivery and logistics service, directly competing with FedEx for market share and reducing Amazon's historical reliance on traditional carriers.
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Addressable Markets for FedEx (FDX) Main Products and Services
FedEx Corporation operates across several key transportation and logistics segments, serving a wide array of addressable markets both in the United States and globally. The main products and services offered by FedEx include express transportation, ground parcel delivery, less-than-truckload (LTL) freight, e-commerce logistics, and integrated supply chain solutions. The estimated sizes for these addressable markets are as follows:
Global Market Sizes:
- Express Delivery: The global express delivery market was valued at approximately USD 319.2 billion in 2023 and is projected to reach USD 545.7 billion by 2032. Other estimates place the global express delivery market at USD 301.38 billion in 2023, with a projection to reach USD 561.22 billion by 2032.
- International Express Delivery: This segment was estimated at USD 67.47 billion in 2025 and is projected to grow to USD 138.44 billion by 2034. Another estimate for the international express delivery market size was USD 30.96 billion in 2024, projected to reach USD 56.00 billion by 2030.
- Parcel Delivery (including Courier, Express, and Parcel - CEP): The global parcel delivery market was valued at USD 500.13 billion in 2025 and is expected to grow to USD 647.85 billion by 2030. The broader global courier, express, and parcel (CEP) market was estimated at USD 956.19 billion in 2025 and is projected to reach USD 2,976.01 billion by 2033.
- E-commerce Logistics: The global e-commerce logistics market was valued at USD 524.1 billion in 2025 and is estimated to reach USD 3,621.53 billion by 2034. Another report indicates a market size of USD 557.0 billion in 2025, projected to reach USD 1,577.3 billion by 2034. A different source reports the global e-commerce logistics market size at USD 472.40 billion in 2024, growing to USD 2895.92 billion by 2033.
- Less-Than-Truckload (LTL) Freight: The global Less Than Truckload (LTL) market was valued at approximately USD 227 billion in 2024 and is projected to reach USD 380 billion by 2034. Another report indicates a global LTL market size of USD 234.47 billion in 2024, poised to grow to USD 464.81 billion by 2033.
- Freight Transport (Overall): The global freight transport market size was valued at USD 36.32 billion in 2024 and is expected to reach USD 95.96 billion by 2033. Another source estimates the global freight transport market size at USD 38.43 billion in 2025, reaching USD 100.81 billion by 2034.
- Supply Chain Management: The global supply chain management market size was valued at USD 29.34 billion in 2025 and is projected to grow to USD 72.82 billion by 2034. Other estimates for the global SCM market include USD 35.30 billion in 2025, growing to USD 89.57 billion by 2034, and USD 38.51 billion in 2025, projected to reach USD 58.42 billion by 2030.
U.S. Market Sizes:
- Express Delivery: The U.S. express delivery market was valued at USD 96.30 billion in 2025 and is estimated to grow to USD 127.05 billion by 2031. Another estimate places the U.S. express delivery market at USD 250 billion.
- E-commerce Logistics: The U.S. e-commerce logistics market is expected to grow from USD 150.86 billion in 2025 to USD 234.98 billion by 2031. Another source states the U.S. e-commerce logistics market was valued at USD 186.94 billion in 2025.
- Less-Than-Truckload (LTL) Freight: The U.S. Less-Than-Truckload (LTL) market size is estimated at USD 114 billion in 2025 and is expected to reach USD 139.6 billion by 2030. Another source indicates the U.S. LTL market size at USD 118.68 billion in 2026, projected to reach USD 144.97 billion by 2031.
- Freight Transport (Overall) / Freight and Logistics: The U.S. freight and logistics market size was USD 1405.5 billion in 2024, projected to reach USD 1930.7 billion by 2032. The U.S. freight transport market generated a revenue of USD 8,233.1 million in 2022 and is expected to reach USD 18,454.3 million by 2030.
- Road Freight Transport: The U.S. road freight transport market size in 2026 is estimated at USD 582.65 billion, growing to USD 693.64 billion by 2031.
- Courier, Express, and Parcel (CEP): The U.S. courier, express, and parcel (CEP) market size is forecast to increase by USD 28.5 billion, with a CAGR of 5.4% between 2023 and 2028.
AI Analysis | Feedback
FedEx (NYSE: FDX) is expected to drive future revenue growth over the next two to three years through several strategic initiatives aimed at optimizing its operations, enhancing customer value, and expanding into profitable market segments.
Here are 3-5 expected drivers of future revenue growth:
- Strategic Focus on High-Margin Verticals and Premium Services: FedEx plans to concentrate its commercial efforts on premium business-to-business (B2B) and specialized business-to-consumer (B2C) segments, including healthcare, automotive, aerospace, data centers, and the upper tier of e-commerce. This strategy targets customers who prioritize speed, precision, visibility, and reliability, thereby allowing for improved pricing power and a more favorable service mix.
- Leveraging Digital and AI Capabilities: The company aims to scale its digital infrastructure, artificial intelligence (AI), and automation to enhance customer experience, optimize network planning, and create new revenue streams. FedEx intends to utilize the extensive data it processes daily for advanced demand forecasting, route optimization, aircraft allocation, and improved customer visibility tools.
- Network Transformation and Efficiency Gains through Network 2.0 and DRIVE Program: While primarily a cost-reduction initiative, the ongoing modernization and consolidation of FedEx's air and ground networks under "Network 2.0" and the "DRIVE" program are also expected to contribute to revenue growth. These initiatives will improve service levels, enhance asset utilization, and boost overall operational efficiency, leading to more competitive offerings and potentially higher volumes. The DRIVE program targeted $4 billion in cost savings by 2025, with an additional $1 billion in cost reductions planned for fiscal year 2026.
- Disciplined Pricing and Yield Management: FedEx has demonstrated a commitment to increasing shipment yields and package volumes, particularly within its Express segment and U.S. domestic package services. The company has implemented tariff increases, such as an average 5.9% increase effective January 5, 2026, to support revenue growth.
- International Growth, particularly in Europe: FedEx is strategically focused on improving the performance of its international business, identifying Europe as a significant long-term opportunity for value creation. The company is also targeting growth in premium cross-border and intercontinental routes to bolster its international revenue.
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```htmlShare Repurchases
- FedEx announced a new $5 billion share buyback program in March 2024.
- In the first nine months of fiscal 2025, $2.52 billion in share repurchases were executed, exceeding the full-year 2024 total.
- As of November 30, 2025, $1.3 billion remained available for repurchases under the company's 2024 stock repurchase authorization.
Share Issuance
- FedEx's shares outstanding have shown a declining trend over the last few years, with decreases of 3.76% in 2023, 1.95% in 2024, and 3.19% in 2025, indicating net share repurchases rather than significant issuance.
- In February 2025, FedEx acquired RouteSmart Technologies, Inc. for $113 million, paid partly in FedEx common shares from treasury stock, which would be a minor share issuance, but overall share count has reduced.
Outbound Investments
- FedEx is participating in a consortium to acquire InPost, a Polish-based parcel locker and European home delivery provider, with a $2.6 billion contribution from FedEx, expected to close in the second half of 2026.
- On February 4, 2025, FedEx acquired RouteSmart Technologies, Inc., a leader in route planning and optimization solutions.
Capital Expenditures
- Capital expenditures were $6.763 billion in fiscal year 2022, $6.174 billion in 2023, $5.176 billion in 2024, and $4.055 billion in 2025.
- FedEx anticipates approximately $4.5 billion in capital expenditures for fiscal year 2026, an increase of $400 million from 2025.
- The primary focus of fiscal 2026 capital expenditures includes Network 2.0 initiatives and projects for modernizing facilities and package handling equipment in the U.S. and internationally, with a reduction in aircraft spending.
Latest Trefis Analyses
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 210.55 |
| Mkt Cap | 34.3 |
| Rev LTM | 14,116 |
| Op Inc LTM | 1,113 |
| FCF LTM | 951 |
| FCF 3Y Avg | 764 |
| CFO LTM | 1,524 |
| CFO 3Y Avg | 1,584 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.7% |
| Rev Chg 3Y Avg | -4.1% |
| Rev Chg Q | -2.4% |
| QoQ Delta Rev Chg LTM | -0.7% |
| Op Mgn LTM | 8.0% |
| Op Mgn 3Y Avg | 7.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 10.8% |
| CFO/Rev 3Y Avg | 10.5% |
| FCF/Rev LTM | 5.3% |
| FCF/Rev 3Y Avg | 4.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 34.3 |
| P/S | 1.5 |
| P/EBIT | 24.7 |
| P/E | 34.7 |
| P/CFO | 17.1 |
| Total Yield | 4.1% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.7% |
| 3M Rtn | 15.1% |
| 6M Rtn | 60.0% |
| 12M Rtn | 77.7% |
| 3Y Rtn | 52.7% |
| 1M Excs Rtn | 5.1% |
| 3M Excs Rtn | 17.7% |
| 6M Excs Rtn | 48.6% |
| 12M Excs Rtn | 47.6% |
| 3Y Excs Rtn | -9.9% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Federal Express segment | 73,259 | 47,754 | 47,604 | 46,356 | 41,252 |
| FedEx Freight segment | 11,615 | 10,197 | 8,904 | 7,371 | 6,434 |
| Corporate, other and elimination | 2,133 | -15,038 | -11,548 | -8,723 | -6,134 |
| FedEx Ground Segment | 36,815 | 32,645 | 29,134 | 24,700 | |
| FedEx Services Segment | 7,415 | 8,389 | 8,639 | 7,285 | |
| Total | 87,007 | 87,143 | 85,994 | 82,777 | 73,537 |
Price Behavior
| Market Price | $374.08 | |
| Market Cap ($ Bil) | 87.9 | |
| First Trading Date | 04/12/1978 | |
| Distance from 52W High | -3.3% | |
| 50 Days | 200 Days | |
| DMA Price | $363.20 | $278.92 |
| DMA Trend | up | up |
| Distance from DMA | 3.0% | 34.1% |
| 3M | 1YR | |
| Volatility | 27.5% | 26.7% |
| Downside Capture | -0.14 | 0.34 |
| Upside Capture | 97.02 | 121.12 |
| Correlation (SPY) | 29.3% | 49.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.84 | 0.56 | 0.75 | 0.78 | 1.04 | 0.91 |
| Up Beta | -0.30 | -0.03 | 0.46 | 0.08 | 0.96 | 0.82 |
| Down Beta | 1.39 | 1.16 | 1.03 | 1.11 | 1.16 | 0.97 |
| Up Capture | 16% | 92% | 135% | 152% | 130% | 89% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 25 | 37 | 76 | 136 | 399 |
| Down Capture | 99% | 2% | 12% | 32% | 95% | 98% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 17 | 26 | 50 | 116 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FDX | |
|---|---|---|---|---|
| FDX | 93.6% | 28.9% | 2.28 | - |
| Sector ETF (XLI) | 49.1% | 17.9% | 2.08 | 66.2% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 58.8% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | -1.3% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 5.4% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 48.8% |
| Bitcoin (BTCUSD) | -5.7% | 43.7% | -0.01 | 16.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FDX | |
|---|---|---|---|---|
| FDX | 7.9% | 32.3% | 0.29 | - |
| Sector ETF (XLI) | 13.1% | 17.3% | 0.59 | 55.8% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 50.3% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 0.4% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 8.5% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 38.8% |
| Bitcoin (BTCUSD) | 4.0% | 56.5% | 0.29 | 15.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FDX | |
|---|---|---|---|---|
| FDX | 10.3% | 32.5% | 0.38 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 63.1% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 58.8% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | -1.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 19.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 44.1% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 12.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/19/2026 | 0.8% | -1.8% | |
| 12/18/2025 | 0.6% | 3.2% | 6.9% |
| 9/18/2025 | 2.3% | 4.4% | 5.0% |
| 6/24/2025 | -3.3% | 2.1% | 6.0% |
| 3/20/2025 | -6.4% | -0.9% | -16.7% |
| 12/19/2024 | -0.1% | 1.6% | -2.1% |
| 9/3/2024 | -0.2% | -2.8% | -8.6% |
| 6/25/2024 | 15.5% | 16.3% | 16.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 11 | 10 | 10 |
| Median Positive | 5.4% | 5.3% | 9.9% |
| Median Negative | -4.0% | -2.3% | -9.5% |
| Max Positive | 15.5% | 26.4% | 25.4% |
| Max Negative | -21.4% | -24.6% | -23.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 11/30/2025 | 12/18/2025 | 10-Q |
| 08/31/2025 | 09/18/2025 | 10-Q |
| 05/31/2025 | 07/21/2025 | 10-K |
| 02/28/2025 | 03/20/2025 | 10-Q |
| 11/30/2024 | 12/19/2024 | 10-Q |
| 08/31/2024 | 09/19/2024 | 10-Q |
| 05/31/2024 | 07/15/2024 | 10-K |
| 02/29/2024 | 03/21/2024 | 10-Q |
| 11/30/2023 | 12/19/2023 | 10-Q |
| 08/31/2023 | 09/20/2023 | 10-Q |
| 05/31/2023 | 07/17/2023 | 10-K |
| 02/28/2023 | 03/16/2023 | 10-Q |
| 11/30/2022 | 12/20/2022 | 10-Q |
| 08/31/2022 | 09/22/2022 | 10-Q |
| 05/31/2022 | 07/18/2022 | 10-K |
| 02/28/2022 | 03/17/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 3/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 6.0% | 6.25% | 6.5% | 13.6% | 0.8% | Raised | Guidance: 5.5% for 2026 |
| 2026 Diluted EPS (before MTM adjustments) | 16.1 | 16.4 | 16.9 | 6.8% | Raised | Guidance: 15.4 for 2026 | |
| 2026 Diluted EPS (adjusted) | 19.3 | 19.7 | 20.1 | 7.1% | Raised | Guidance: 18.4 for 2026 | |
| 2026 Permanent cost reductions | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2026 | |||
| 2026 Effective Tax Rate | 24.0% | -4.0% | -1.0% | Lowered | Guidance: 25.0% for 2026 | ||
| 2026 Pension contributions | 275.00 Mil | 0 | Affirmed | Guidance: 275.00 Mil for 2026 | |||
| 2026 Capital Expenditures | 4.10 Bil | -8.9% | Lowered | Guidance: 4.50 Bil for 2026 | |||
Prior: Q2 2026 Earnings Reported 12/18/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 5.0% | 5.5% | 6.0% | 10.0% | 0.5% | Raised | Guidance: 5.0% for 2026 |
| 2026 Diluted EPS (before MTM adjustments) | 14.8 | 15.4 | 16 | 2.0% | Raised | Guidance: 15.1 for 2026 | |
| 2026 Diluted EPS (adjusted) | 17.8 | 18.4 | 19 | 1.7% | Raised | Guidance: 18.1 for 2026 | |
| 2026 Pension Contributions | 275.00 Mil | -31.2% | Lowered | Guidance: 400.00 Mil for 2026 | |||
| 2026 Permanent Cost Reductions | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2026 | |||
| 2026 Effective Tax Rate | 25.0% | 0 | 0 | Affirmed | Guidance: 25.0% for 2026 | ||
| 2026 Capital Spending | 4.50 Bil | 0 | Affirmed | Guidance: 4.50 Bil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ramo, Joshua Cooper | Direct | Sell | 7232025 | 232.23 | 3,610 | 838,361 | 1,644,210 | Form | |
| 2 | Ellison, Marvin R | Direct | Sell | 7092025 | 236.94 | 3,610 | 855,353 | 1,829,177 | Form | |
| 3 | Walsh, Paul S | Direct | Sell | 7082025 | 238.29 | 3,610 | 860,241 | 3,696,653 | Form | |
| 4 | Martin, R Brad | Direct | Sell | 7072025 | 241.75 | 2,123 | 513,235 | 2,160,036 | Form | |
| 5 | Smith, Frederick W | Executive Chairman | Direct | Sell | 4112025 | 202.85 | 123,850 | 25,122,521 | 2,898,575,781 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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